Over the last 2 years, a certain sub-sector of the blockchain industry has gained immense popularity, with billions of dollars in capital inflow, and is being pegged as the next big thing not just in blockchain but in finance as a whole. This, of course, is decentralized finance or DeFi as it is popularly called. The reason why DeFi has become so popular is that it offers essentially all the benefits of the traditional financial industry but with the middlemen removed and significant cost reduced.
For years, there has been great discussion about the benefits that blockchain can offer to consumers in terms of financial access and DeFi is the embodiment of this vision. One of the most popular features of DeFi is the process of staking. Staking, essentially, involves a user locking away a certain amount of their digital assets for a predetermined amount of time and receiving a certain percentage of the initial value back as an income.
There are several blockchains that allow for the staking of their assets and this interest in staking across multiple blockchains has also given rise to cross-chain protocols. Cross-chain protocols are mechanisms that allow for communication between one blockchain and the other.
Typically, if an asset needed to be transferred from one blockchain to the other, it would need to be converted and this conversion process often takes time and requires some sort of financial investment. Cross-chain protocols, on the other hand, allow for users to carry out transactions across multiple chains seamlessly. Given how dynamic the world of DeFi is, cross-chain protocols have also become a very popular concept within the space.
How Slavi is Changing DeFi
In the development of blockchain to reach its full potential, there are a number of roadblocks that the industry has been contending with for years. These include scalability, commerce, transaction speed, and fragmentation. Fragmentation is arguably the least talked about feature but it is immensely important moving forward especially for DeFi.
There are several innovative and beneficial blockchains on the market but they are usually quite separated from each other and for a user to interact with multiple blockchains, that usually involves logging in to multiple platforms and dealing with different sets of rules.
Many existing crypto exchange platforms focus on recreating the centralized model but dealing in decentralized assets. This is where Slavi comes in. Slavi specializes in creating easy access to the world of blockchain using cross-chain protocols.
Slavi as an application supports over 30 individual blockchains on its singular platform. These include Binance Smart Chain, Polkadot, Polygon, Ethereum. While some level of cross-chain interaction already exists in the wider market, almost no application or platform offers the same …